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ICICI Prudential Life Insurance reported an almost flat second quarter net profit at ₹421 crore in the backdrop of a dip in investment income coupled with higher commissions paid. The net profit in the year-ago period was ₹419 crore.
The company’s board of directors has declared an interim dividend of ₹3.40 per equity share (including a special dividend of ₹1.10 per equity share) for the first half of FY18.
Net premium earned in the July-September quarter rose 20.6 per cent year-on-year (y-o-y) to ₹6,540 crore. However, investment income dipped 22 per cent to ₹2,983 crore.
Commission paid soared 98 per cent to ₹363 crore. Expenses (including provisions for doubtful debts and service tax on linked charges) were a shade lower at ₹646 crore (₹659 crore).
In the reporting quarter, claims/benefits paid was lower at ₹4,071 crore (₹4,170 crore). Change in actuarial liability (including movement of funds for future appropriation) edged up 5 per cent to ₹3,988 crore.
The life insurer’s assets under management increased 15.7 per cent to ₹1,30,591 crore as at September-end 2017. Its embedded value (adjusted net worth plus the present value of expected future profits on in-force business) was up 16 per cent at ₹17,210 crore.
The company’s shares closed at ₹390.80 per share, up 0.19 per cent over the previous close on the BSE.
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